We call them financial obligation traps for a explanation: Payday financing has very long generated schemes that literally trap consumers in consecutive loans with obscenely interest that is high.
Mike directs U.S. PIRGвЂ™s campaign that is national protect customers on Wall Street plus in the economic market by protecting the buyer Financial Protection Bureau. Mike additionally works for more powerful privacy defenses and business accountability in the wake for the Equifax information breachвЂ”which has attained him extensive nationwide media protection in many different outlets. Mike everyday lives in Washington, D.C.
Payday financing has long resulted in schemes that literally trap consumers in consecutive loans with obscenely high rates of interest.
They are called by us debt traps for the explanation.
These tricks advertised to economically susceptible Д±ndividuals are precisely why the buyer Financial Protection Bureau (CFPB), under previous Director Richard Cordray, created the Payday Lending Rule, that was finalized in October 2017. Read more